Deutsche Bank seeks $1.94 million in incentives for adding 300 jobs in Jacksonville

Workers put the finishing touches on the renovations of what will be Deutsche Bank’s Investment Banking Operations facility on Gate Parkway in December. The company is seeking further incentives to hire 300 more workers.

Deutsche Bank intends to move more of its investment banking operations to Jacksonville by adding 300 jobs at its Southside location.

The global banking firm is seeking almost $2.1 million in city and state financial incentives, according to legislation filed Wednesday with the City Council.

The average salary of the new jobs would be $62,063, the legislation says.

This past August, the City Council approved about $1.45 million in incentives for Deutsche Bank to add 260 jobs at its campus, located at 5022 Gate Parkway. The latest round of incentives would be on top of that hiring.

Deutsche Bank expects to employ 1,560 people in Jacksonville by the end of 2016, making it one of the city’s biggest employers. The bank began expanding here in 2008.

Citi is the largest banking employer in the city, with about 5,000 employees.

The pending legislation would provide up to $1.8 million in state tax refunds through the Qualified Target Industry program. The amount is based on $6,000 for each new job that is created. The city pays 20 percent of that incentive — or up to $360,000 — and the state handles the rest.

In addition, the state would pay Deutsche Bank $140,000 from the governor’s quick action closing fund.

The city would rebate up to $140,000 in future property taxes. The property tax rebates are based on how many jobs are actually created.

Offering the incentive package is necessary to give Jacksonville the edge over other cities where Deutsche Bank could expand, said Paul Crawford, deputy director of the city’s Office of Economic Development.

“A company the size of Deutsche Bank has multiple opportunities in multiple locations,” he said.

The financial services sector has been one of Jacksonville’s strongest areas for job growth in the past year.

Crawford said the city “has a rich talent base” for those companies, and they are a top target for recruitment because they have “high-paying jobs.”

Corporate welfare and not a surprise. There is an incentive for corporations to move jobs to the suburbs of Jacksonville. The civil engineering of this city is a reverse of all cities in the nation. The previous county jail was on the riverfront, Along with the courthouse and city hall. The current county jail is a block from the river. Those properties are worth hundreds of millions of dollars. The intent is clear that a hole is located in what other cities call downtown.